Total proved plus probable reserves increase from 55.75 Bcf* of gas and 240 Mbbl oil with NPV10%* of US
Reserve Report Highlights
- Net present value 10% (NPV10%) of total proved plus probable natural gas and oil reserves is USD
$420.5 million * net to Trillion, which represents USD$3.44 per common share*** - Total proved plus probable conventional natural gas reserves increased to 55.75 Bcf* up from 42.5 Bcf* (2022), an increase of 31% from 2022.
- NPV10% of total proved reserves increased to US
$134.3 * million fromUS$ 123.8 * million (2022), an increase of 8% from 2022 - NPV10% of total proved plus probable plus possible reserves is USD
$712.7 million net to Trillion. - Total proved plus probable oil reserves of 240 Mbbl of oil for Cendere oil field compared to 252 Mbbl of oil in 2022.
*net Trillion’s 49% interest before income tax and after royalty
*** basic common shares
Dr.
“We have had steadily increased our reserves year over year as a result of our new drillings in 2023, and even as prices settle from 2022 highs, we have still realized a net reserves value gain. Very little of the gas from SASB has been produced to date, and we are committed to monetizing our reserves through artificial lift and tubing size optimization in the near future. For the Cendere oil property, even after producing 32 Mbbl of oil in 2023 our reserves only were reduced by 14 Mbbl oil, as our oil reserves have also increased during the year through workovers.”
Reserve Report Summary
Trillion 49% interest, before income taxes and after royalties
Light and Medium | Conventional | Oil | ||||||||||||
Crude Oil | Natural Gas | Equivalent | ||||||||||||
(Mbbl) | (Mbbl) | (Bcf) | (Bcf) | (Mboe) | (Mboe) | |||||||||
% | % | % | ||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | ||||||
Proved | ||||||||||||||
Producing | 139 | 146 | 4.8 | % | 1.3 | 2.4 | -45.8 | % | 349 | 546 | -36.0 | % | ||
Developed Non-Producing | 47 | 49 | -4.1 | % | 8.4 | 0.0 | 840.0 | % | 1,443 | 49 | 2,845.0 | % | ||
Undeveloped | 0 | 0 | - | 8.3 | 7.7 | 7.8 | % | 1,391 | 1,285 | 8.2 | % | |||
Total Proved | 186 | 195 | -4.6 | % | 18.0 | 10.1 | 78.2 | % | 3,183 | 1,880 | 69.3 | % | ||
Total Probable | 54 | 58 | -5.5 | % | 37.8 | 32.4 | 16.7 | % | 6,349 | 5,461 | 16.3 | % | ||
Total Proved Plus Probable | 240 | 252 | -5.8 | % | 55.8 | 42.5 | 31.3 | % | 9,531 | 7,341 | 29.8 | % | ||
Total Possible | 52 | 55 | -5.4 | % | 40.8 | 31.2 | 30.8 | % | 6,859 | 5,257 | 30.5 | % | ||
Total PPP | 292 | 307 | -4.9 | % | 96.6 | 73.7 | 31 | % | 16,390 | 12,598 | 30.1 | % |
Net Present Value of Trillion Interest, before income taxes and after royalties
NPV - 10% | ||||||
Before Income Tax | ||||||
(US$M) | (US$M) | |||||
% | ||||||
2023 | 2022 | Change | ||||
Proved | ||||||
Producing | $ | 11.5 | $ | 42.3 | -72.8 | % |
Developed Non-Producing | $ | 81.9 | $ | 1.1 | 8,090 | % |
Undeveloped | $ | 40.9 | $ | 80.3 | -49.1 | % |
Total Proved | $ | 134.3 | $ | 123.8 | 8.5 | % |
Total Probable | $ | 286.2 | $ | 307.8 | -7.0 | % |
Total Proved Plus Probable | $ | 420.5 | $ | 431.5 | -2.5 | % |
Total Possible | $ | 292.2 | $ | 299.1 | -2.3 | % |
Total PPP | $ | 712.7 | $ | 730.6 | -2.5 | % |
About the Reserves Evaluation
For the year ended
About the Company
Contact
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
These statements are not guaranteeing of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedarplus.ca, including the most recently filed Annual Report on Form 20-F and subsequent filings for the first quarter of 2024. For a full summary of our oil and gas reserves information for
Source:
2024 GlobeNewswire, Inc., source